Chinese stocks rose for a fourth day, led by property shares on growing speculation the government may relax curbs on the industry as economic growth slows. Asian stocks overall were up, following better-than-expected US unemployment claims and ISM manufacturing PMI’s.
Markets reacted in favourable light after comments from the European Central Bank president Mario Draghi. He mentioned that economic indicators signal the euro region is past the worst of it’s longest-ever recession and reiterating interest rates will stay low for the foreseeable future. European futures are following suit, pointing to a higher open as investors bet the US jobless data will add to recent improvements of economic activity.
It seems investors’ confidence has come back to the markets this week. Investors will have all eyes on the non-farm payroll figures from the US later this afternoon. So far this week, both unemployment claims and ADP non-farm has beaten estimates.
Gold fell a sixth day in the longest run of losses since May as US economic data backed the case for les stimulus. Gold is now heading for the first weekly decline in a month.
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